By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, Aug 17 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade in cautious mode next week.
Palm oil dealer David Ng said the CPO futures prices are anticipated to trade on a downward bias between RM3,600 and RM3,750 a tonne, in tandem with the bearish soybean oil market.
"The oversupply situation in the soybean market is weighing down on prices, mainly due to record planting in South America," he told Bernama.
On a Friday-to-Friday basis, new spot month September 2024 increased RM45 to RM3,872 a tonne, October 2024 inched up RM6 to RM3,752 a tonne, while November 2024 dipped RM42 to RM3,681 a tonne.
December 2024 declined RM58 to RM3,659 a tonne, January 2025 dropped RM73 to RM3,653 a tonne, while new month February 2025 stood at RM3,655 a tonne.
The August 2024 contract ended on Thursday at RM3,890 a tonne.
The total weekly volume tumbled to 312,466 lots from 427,161 in the previous week, while open interest dropped to 225,277 contracts from 278,122 a week earlier.
The physical CPO price for August South rose by RM20 to RM3,920 a tonne on Friday from RM3,900 at the end of the previous week.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
